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EARNINGS (LOSS) PER SHARE AND PER UNIT | 9 Months Ended
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Sep. 30, 2021
Earnings Per Share [Abstract] |
EARNINGS (LOSS) PER SHARE AND PER UNIT | EARNINGS (LOSS) PER SHARE AND PER UNIT The following table provides details of the calculations of basic and diluted earnings (loss) per common share of the Company:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Earnings (Loss) per common share - basic |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net Income (Loss) | $110,512 |  |  | ($9,498) |  |  | $188,963 |  |  | $17,378 |
Less: Net (income) loss attributable to noncontrolling interests in the Operating Partnership | (2,210) |  |  | 25 |  |  | (4,303) |  |  | (195) |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (32,471) |  |  | 8,715 |  |  | (40,775) |  |  | 9,647 |
Net income (loss) attributable to Rayonier Inc. | $75,831 |  |  | ($758) |  |  | $143,885 |  |  | $26,830 |
Denominator: |  |  |  |  |  |  |
Denominator for basic earnings (loss) per common share - weighted average shares | 141,777,574 |  |  | 136,351,271 |  |  | 139,749,358 |  |  | 132,948,124 |
Basic earnings (loss) per common share attributable to Rayonier Inc.: | $0.53 |  |  | ($0.01) |  |  | $1.03 |  |  | $0.20 |
Earnings (Loss) per common share - diluted |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net Income (loss) | $110,512 |  |  | ($9,498) |  |  | $188,963 |  |  | $17,378 |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (32,471) |  |  | 8,715 |  |  | (40,775) |  |  | 9,647 |
Less: Net loss attributable to noncontrolling interests in the Operating Partnership | — |  | (a) | 25 |  | (a) | — |  |  | — |
Net income (loss) attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership | $78,041 |  |  | ($758) |  |  | $148,188 |  |  | $27,025 |
Denominator: |  |  |  |  |  |  |
Denominator for basic earnings (loss) per common share - weighted average shares | 141,777,574 |  |  | 136,351,271 |  |  | 139,749,358 |  |  | 132,948,124 |
Add: Dilutive effect of: |  |  |  |  |  |  |
Stock options | 9,803 |  |  | — |  |  | 8,833 |  |  | 492 |
Performance shares, restricted shares and restricted stock units | 520,737 |  |  | — |  |  | 361,596 |  |  | 159,018 |
Noncontrolling interests in Redeemable Operating Partnership Units | 4,131,454 |  |  | — |  | (a) | 4,245,323 |  |  | 2,352,822 |
Denominator for diluted earnings per common share - adjusted weighted average shares | 146,439,568 |  |  | 136,351,271 |  |  | 144,365,110 |  |  | 135,460,456 |
Diluted earnings (loss) per common share attributable to Rayonier Inc.: | $0.53 |  |  | ($0.01) |  |  | $1.03 |  |  | $0.20 |
(a) For the three months ended September 30, 2020, net loss attributable to noncontrolling interests in the Operating Partnership was included in the numerator for diluted earnings (loss) per share as the Company generated a net loss attributable to Rayonier Inc. during the quarter. Also, as a result of the net loss attributable to Rayonier Inc. during the three months ended September 30, 2020, the incremental shares related to noncontrolling interests in Redeemable Operating Partnership Units were excluded from the denominator of diluted loss per share.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Anti-dilutive shares excluded from the computations of diluted earnings (loss) per common share: |  |  |  |  |  |  |
Stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in Redeemable Operating Partnership Units (a) | 100,135 |  |  | 5,038,514 |  |  | 167,668 |  |  | 471,999 |
Total | 100,135 |  |  | 5,038,514 |  |  | 167,668 |  |  | 471,999 |
(a) For the three months ended September 30, 2020, the incremental shares related to stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in Redeemable Operating Partnership Units were not included in the computation of diluted loss per share as their inclusion would have had an anti-dilutive effect. The following table provides details of the calculations of basic and diluted earnings (loss) per unit of the Operating Partnership:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Earnings (loss) per unit - basic |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net Income (Loss) | $110,512 |  |  | ($9,498) |  |  | $188,963 |  |  | $17,378 |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (32,471) |  |  | 8,715 |  |  | (40,775) |  |  | 9,647 |
Net income (loss) available to unitholders | $78,041 |  |  | ($783) |  |  | $148,188 |  |  | $27,025 |
Denominator: |  |  |  |  |  |  |
Denominator for basic earnings (loss) per unit - weighted average units | 145,909,028 |  |  | 140,797,217 |  |  | 143,994,681 |  |  | 135,300,946 |
Basic earnings (loss) per unit attributable to Rayonier, L.P.: | $0.53 |  |  | ($0.01) |  |  | $1.03 |  |  | $0.20 |
Earnings (Loss) per unit - diluted |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net Income (Loss) | $110,512 |  |  | ($9,498) |  |  | $188,963 |  |  | $17,378 |
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates | (32,471) |  |  | 8,715 |  |  | (40,775) |  |  | 9,647 |
Net income (loss) available to unitholders | $78,041 |  |  | ($783) |  |  | $148,188 |  |  | $27,025 |
Denominator: |  |  |  |  |  |  |
Denominator for basic earnings (loss) per unit - weighted average units | 145,909,028 |  |  | 140,797,217 |  |  | 143,994,681 |  |  | 135,300,946 |
Add: Dilutive effect of unit equivalents: |  |  |  |  |  |  |
Stock options | 9,803 |  |  | — |  |  | 8,833 |  |  | 492 |
Performance shares, restricted shares and restricted stock units | 520,737 |  |  | — |  |  | 361,596 |  |  | 159,018 |
Denominator for diluted earnings (loss) per unit - adjusted weighted average units | 146,439,568 |  |  | 140,797,217 |  |  | 144,365,110 |  |  | 135,460,456 |
Diluted earnings (loss) per unit attributable to Rayonier, L.P.: | $0.53 |  |  | ($0.01) |  |  | $1.03 |  |  | $0.20 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Anti-dilutive unit equivalents excluded from the computations of diluted earnings (loss) per unit: |  |  |  |  |  |  |
Stock options, performance shares, restricted shares and restricted stock units (a) | 100,135 |  |  | 592,568 |  |  | 167,668 |  |  | 471,999 |
Total | 100,135 |  |  | 592,568 |  |  | 167,668 |  |  | 471,999 |
(a) For the three months ended September 30, 2020, the incremental unit equivalents related to stock options, performance shares, restricted shares and restricted stock units were not included in the computation of diluted loss per unit as their inclusion would have had an anti-dilutive effect.

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